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The Latest Breaking News on Financial Services

US Bank Profits Rise As Wall Street Hopes For Merger Boom

Large US banks reported soaring profits Wednesday propelled by strength in trading and financial advisory services as Wall Street eyes a potential merger boom under the incoming Trump administration.

International Business Times

Lloyds to close second UK office and cut roles as part of major shake-up

Hundreds of roles will be removed, while new ones will be created as part of the overhaul.

The Independent UK

Is JPMorgan Chase Stock a Buy, Hold or Sell After Earnings?

JPMorgan Chase is trading higher after the big bank topped fourth-quarter earnings expectations, but is the stock a Buy? Here's what you need to know.

Kiplinger

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Lloyds bank to shut Liverpool office with 500 workers impacted

Lloyds said it has not cut jobs as part of the closure plans but will require around 100 staff to relocate to Chester.

The Independent UK

Major banks are abandoning their climate alliance en masse. So much for ‘woke capital’

The scope of the Cop26 net zero banking alliance may have been limited, but the exodus of six US banks signifies a seismic political shift, says senior research fellow Adrienne Buller

The Guardian - UK

Experts put money on early rate cut as spending slides

A decline in spending on household goods has bolstered hopes of an RBA rate cut, which would help boost dour consumer sentiment.

AAP

Capital One sued by US watchdog alleging bank cheated customers out of $2 billion

A U.S. watchdog is suing Capital One for allegedly misleading consumers about its offerings for high-interest savings accounts — and “cheating” customers out of more than $2 billion in lost interest payments as a result

The Independent UK

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Axos Financial: how the US bank became one of Trump’s biggest backers

The online lender has thrived as it helped extend $400m in loans with its biggest individual investor, Don Hankey

The Guardian - UK

Lloyds bankers could face bonus cuts unless they turn up to office at least two days a week

The approaching end of hybrid working being dominant in finance roles has been apparent for some time

The Independent UK

Lloyds bankers could face bonus cut if not in office two days a week

Group reviews office attendance as part of performance-related bonus targets for senior employees

The Guardian - UK

JPMorgan Chase requires all workers to return to office five days a week

Executives acknowledge ‘not everyone will agree with this decision’ as bank calls time on remote and hybrid working

The Guardian - US

The Best Bank ETFs to Buy

The best bank ETFs can offer above-average yields and reduce the complexities of investing in financial stocks.

Kiplinger

Lloyds, Halifax and Bank of Scotland to share bank branches but union fears it means more closures

Lloyds Banking Group, which owns all three brands, said the changes were good news for customers as it gives them more choice and flexibility.

The Independent UK

Lloyds to let customers use Halifax and BoS branches, raising job cut fears

Account holders at the group’s three brands will be able to use any of their locations, but unions fear site closures

The Guardian - UK

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The National (Scotland)

Scottish councils 'must learn' after worker stole £1.1m undetected for 17 years

Scottish councils must learn from the issues that allowed a local authority worker to steal £1.1 million undetected for 17 years, the Accounts…

The Guardian - UK

City regulator vows to ease ‘burden’ on UK banks amid government pressure

Bank of England says it is rowing back on ‘overcooked’ regulations introduced after financial crisis

The Independent UK

TikTok ‘cash-stuffing’ budgeting trend contributes to resurgence in ATM use

Cash stuffing was a viral approach to budgeting which helped people to not overspend

The Guardian - UK

Six big US banks quit net zero alliance before Trump inauguration

Exodus from target-setting group is attempt to head off ‘anti-woke’ attacks from rightwing politicians, say analysts

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Salon

Wall Street bails on climate coalition

Goldman Sachs, Wells Fargo, Morgan Stanley, Citi and Bank of America all left the Net-Zero Banking Alliance

The Guardian - UK

Bank faces criticism over adverts saying people testing its services could ‘fabricate’ conditions for £45 per visit

The Independent UK

January sales warning issued to bargain hunters by major bank

Lloyds Banking Group recorded a jump in the number of rogue retailers being identified in January last year.

AAP

Hope for end to wage theft as laws come into force

Criminal penalties for employers who deliberately underpay workers have come into effect, with hopes they will deter bosses from engaging in the practice.

The Guardian - UK

How a batch of tinned meat fostered fears of the millennium bug

Computer system errors led to huge costs for countries as they prepared for potential disaster

The Guardian - UK

Former bosses of HSBC and Rolls-Royce knighted in new year honours

Noel Quinn and Warren East, as well as Chanel chief Leena Nair among business figures to be honoured

The Guardian - UK

‘Shockingly lax’: how soaring British bank Starling had its wings clipped

Launched as a challenger to traditional lenders, it profited from offering state-backed loans during Covid. But then the regulator came calling

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